Question

Concord Corporation has $15000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $10000 and cost of goods sold was $45000, how much would Concord report for cost of goods manufactured?

Answer 1

Concord Corporation would report a cost of goods manufactured of $50,000 for the year ended December 31, 2019, calculated by adjusting the cost of goods sold by the change in finished goods inventory.

Step-by-step explanation:

To calculate Concord Corporation's cost of goods manufactured (COGM), we need to adjust the cost of goods sold (COGS) by the change in finished goods inventory between the beginning and the end of the year. The formula to calculate COGM is:

COGM = COGS + Ending Finished Goods Inventory - Beginning Finished Goods Inventory

Applying the values given:

COGM = $45,000 + $15,000 - $10,000

COGM = $50,000

Hence, Concord Corporation would report a COGM of $50,000 for the year ended December 31, 2019.

Answer 2

cost of good that manufactured is $40,000

Step-by-step explanation:

Given data:

ending inventory - $15000

Beginning inventory - $10000

cost of goods - $45000

cost of goods that manufactured is calculated as

`\rightarrow` total amount of cost that involved in making of goods is = 10000+ 45000 = $ 55000

cost of good that manufactured =
`55000 - 15000 = $ 40,000`